Treasury

Treasury finances January-July 2008

9/4/2008

Cash Flow Statement in January–July 2004–2008

Millions of krónur

 

2004

2005

2006

2007

2008

Revenue

150 429

185 085

215 509

252 998

264 163

Expenditure

164 139

180 985

178 257

203 826

237 062

Current balance

-15 428

4 100

37 252

49 172

27 101

Receipts from sale of fixed assets

-

-

-

-6 136

- 53

Other cash payments / receipts

 577

 496

- 752

-5 248

- 201

Cash flows from operations

-16 005

4 596

36 500

37 788

26 847

Financial transactions

1 840

11 206

-2 383

-60 165

8 603

Net financial balance

-14 165

15 802

34 116

-22 377

35 450

Debt redemption

-29 142

-33 343

-35 088

-26 465

-37 941

   Domestic

-4 139

-14 000

-12 215

-12 266

-22 656

   Foreign

-25 004

-19 342

-22 873

-14 199

-15 285

Pension fund prepayments

-4 375

-2 250

-2 310

-2 310

-2 310

Gross borrowing requirement

-47 683

-19 790

-3 282

-51 152

-4 801

New borrowing

39 386

13 305

19 735

43 292

103 376

   Domestic

16 127

8 956

12 262

40 171

77 775

   Foreign

23 259

4 349

7 473

3 121

25 601

Overall cash balance

-8 296

-6 486

16 453

-7 860

98 575



 Treasury revenue in January–July 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2006

2007

2008

Total taxes and social security contributions

202 398

228 049

240 703

 

21.6

12.7

5.5

Taxes on income and profit

73 074

86 649

95 186

 

39.7

18.6

9.9

Personal income tax

44 648

50 245

53 764

 

20.4

12.5

7.0

Corporate income tax

14 426

14 604

15 418

 

164.3

1.2

5.6

Other taxes on income and profit

14 001

21 800

26 004

 

43.3

55.7

19.3

Taxes on property

5 806

6 403

5 082

 

-29.5

10.3

-20.6

Taxes on goods and services

99 534

108 058

111 075

 

16.3

8.6

2.8

Value added tax

68 842

76 422

79 607

 

17.7

11.0

4.2

Excise tax on motor vehicles

6 951

5 838

5 940

 

11.9

-16.0

1.7

Excise tax on petrol

5 151

5 318

5 157

 

3.3

3.2

-3.0

Excise on oil

3 458

3 867

4 032

 

26.2

11.8

4.3

Tobacco and liquor taxes

6 383

6 672

6 768

 

3.4

4.5

1.4

Other taxes on goods and services

8 750

9 942

9 571

 

25.8

13.6

-3.7

Taxes on international trade and transactions

2 457

3 262

3 878

 

36.8

32.8

18.9

Other taxes

 430

1 145

1 532

 

8.7

166.3

33.9

Social security contributions

21 097

22 531

23 949

 

16.0

6.8

6.3

Grants

 173

 562

 207

 

-31.5

225.6

-63.1

Other revenue

12 652

17 539

21 053

 

-30.1

38.6

20.0

Sale of assets

 287

6 848

2 200

 

-

-

-

Total revenue

215 509

252 998

264 163

 

16.4

17.4

4.4

 

Treasury expenditure in January–July 2006–2008

 

Millions of krónur

 

Change from previous year in per cent

 

2006

2007

2008

 

2007

2008

General public services

23 872

29 527

35 699

 

23.7

20.9

of which: interest

7 326

10 106

11 696

 

37.9

15.7

Defence

 290

 353

 684

 

21.9

93.9

Law enforcement, justice, security

7 727

9 302

11 545

 

20.4

24.1

Economic affairs

23 469

26 037

34 185

 

10.9

31.3

Environmental protection

1 922

2 166

2 229

 

12.7

2.9

Housing, zoning and utilities

 235

 256

 308

 

8.7

20.4

Health

48 141

53 168

58 817

 

10.4

10.6

Culture, sports and religion

8 131

9 408

10 156

 

15.7

8.0

Education

20 879

23 072

25 593

 

10.5

10.9

Social security and welfare

38 670

45 372

52 881

 

17.3

16.5

Irregular expenditure

4 920

5 164

4 964

 

5.0

-3.9

Total expenditure

178 257

203 826

237 062

 

14.3

16.3



 

Note:

Revised revenue classification of the Treasury in January 2006: The classification of Treasury revenue has been revised according to the IMF Government Finance Statistics Manual of 2001. The earlier classification was based on an earlier version of the Manual. The new classification was first published last autumn in the 2004 Treasury accounts and introduced in the 2006 fiscal budget. It is now applied in the monthly revenue statements of the Treasury.

The main changes from the previous classification is that social contributions are separated from tax revenue and classified under a new main heading "Taxes and social contributions". Taxes on international trade and transactions, such as customs duties and other import charges, are now shown separately and are no longer under the heading "Taxes on goods and services". Regarding the other revenue, the new classification provides more details than the earlier version. The new classification also calls for a revision of several other items, such as the tax for the Elderly's Construction Fund and several user and licence charges.